First, as regards the present state of the vessel, I was agreeably disappointed, after the reports that had reached me, to find her as a whole, and, independently of the mere local damages of which I will speak presently, perfectly sound, and as strong and as perfect in form as on the day she was launched. In receiving this statement you must bear in mind the great difference between an iron vessel and a timber-built ship. In the former, parts may be considerably damaged or even destroyed, and the remainder may not only be untouched, but may be left unstrained and uninjured. In a timber ship this can hardly be the case; if any considerable portion of a ship’s bottom is stove in, the timbers or ribs completely across the ship and the planking longitudinally, cannot fail to be strained to a very considerable distance in both directions. You must therefore remove from your minds all impressions derived from your experience of damages sustained by timber-built ships in order to understand my statement, which is strictly correct:--that, except the parts actually damaged, the extent of which is comparatively small, the ship is perfectly sound, and as good as at the hour when she struck. This soundness and freedom from any damage extends from about the 5 feet water line to the top (with the exception of the injury sustained by the knocking away of the rudder post and a blow under the stern); nearly the whole of the vessel is therefore sound: the principal injury is in her bottom under the boilers and engines. The vessel has evidently been thumping upon the rocks, and almost entirely upon this part of the bottom from the first few days after she grounded; and at present in all probability her whole weight is resting upon this part; yet notwithstanding this she is perfectly straight, and has not broken nor even sprung an inch in the whole length. The boilers have been forced up about 15 inches, and one of the condensers has been lifted about 8 inches, breaking the air-pump. At present this is nearly the extent of the damage done; all of which could easily be repaired if the vessel were in dock. I will now state my opinion of the best means of recovering the largest possible amount of the property which has been invested in her. In this view I can only imagine two alternatives--the one to break her up on the spot and make the most of the materials; the other to get her afloat and into port, and restore her into good condition, or sell her to those who would so restore her.